Arrowhead Reports Fiscal 2012 Third Quarter Financial Results

Net loss attributable to Arrowhead for the quarter ended June 30, 2012 was $8.0 million, or $0.71 per share based on 11,238,291 weighted average shares outstanding. This compares with a net loss attributable to Arrowhead of $1.8 million, or $0.25 per share based on 7,182,628 weighted average shares outstanding, for the quarter ended June 30, 2011.

The Company's net cash used in operations for the first nine months of fiscal 2012 was $10.8 million, compared with $6.0 million for the first nine months of fiscal 2011. Cash provided by investing activities was $0.3 million, primarily due to cash received from the sale of marketable securities. Cash provided by financing activities was $5.3 million, primarily due to the issuance of Arrowhead common stock. As of June 30, 2012, Arrowhead had cash resources of $3.3 million; which includes cash and cash equivalents of $2.3 million and $1.0 million in subscriptions receivable from previous financings.

Arrowhead further enhanced its cash position by entering into securities purchase agreements to sell units of common stock and warrants to institutional and individual investors on August 10, 2012. Each unit was sold at $2.76 and included one share of common stock and a warrant to purchase 0.75 share of common stock at an exercise price of $3.25. Gross proceeds are expected to be approximately $6.2 million.

Conference Call

Management will host a conference call today, Monday, August 13, 2012 at 4:30 p.m. Eastern time (1:30 p.m. Pacific time). To participate in the conference call, please dial 877-317-6789 (toll free from the US), 1-866-605-3852 (toll free from Canada), or 412-317-6789 (for international callers). Investors may also access a live audio webcast of this conference call on the Company's website at www.arrowheadresearch.com.

A replay of the webcast will be available approximately two hours after the conclusion of the call. The webcast archive will remain available until August 13, 2013. An audio replay will also be available approximately one hour after the conclusion of the call and will be made available until Thursday, September 13, 2012. The audio replay can be accessed by dialing 877-344-7529 (toll free from the US and Canada), or 412-317-0088 (for international callers) and entering Event ID 10017170.

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